Legislature Approves $300 Million for Mississippi Small Businesses
The Mississippi legislature agreed on Wednesday to create a grant program for small businesses impacted by the coronavirus pandemic. This program allocates
$300 million of the federally allocated $1.25 billion from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to be split into two
$60 million to provide $2,000 grants to small businesses that were forced to close in response to the pandemic.
$240 million will be appropriated for aid to small businesses. Companies that have not received aid from the federal Paycheck Protection Program (PPP)
will have first priority. Eligible businesses could receive grants ranging from $1,500 to $25,000.
Under the program, overseen by the Mississippi Development Authority, any business that existed prior to March 1 and has 50 or fewer employees is eligible
to apply. The proposal has been sent to Governor Tate Reeves for approval.
Keep an eye on the MEC Coronavirus Resource Page for information on how to apply!